05 May 2013
MUSCAT -- Oman Drydock Company (ODC) is targeting a near doubling of its annual revenues from $30.52 million in 2012 to around $56 million by the end of this year. This compares with earnings of $7.68 million in 2011 at the end of the first full year of operations. The upbeat outlook underscores a robust uptake of the state-owned ship repair yard's services as it prepares to widen its business portfolio to include ship conversion and offshore fabrications services for the first time.
According to ODC's new Chief Executive Officer, Yong Duk Park, the number of ships turning up for repairs at the Duqm facility has also been growing every year. From 47 vessels that came calling in 2011, the yard handled 72 ships last year. This year, the company aims to accommodate around 75 ships, which while almost similar in number to last year's tally, will generate higher earnings for the company. Of the 72 ships handled in 2011, South Korea-owned vessels were the biggest customers with 26 per cent of the total, followed by Belgium (14 per cent), Oman (9 per cent), and USA and Greece (7 per cent each).
'Special ships', which groups vessels that don't fall under broader ship categories, represented 66 per cent of the total.
Tankers and Very Large Crude Carriers accounted for a further 20 per cent, with containerships (11 per cent) and LNG carriers (3 per cent) making up the balance. While ship repairs and maintenance are at the core of ODC's service offerings at present, plans are afoot to enlarge this scope to cater for the conversion of ships into, for example, floating production storage and offloading units (FPSOs), floating storage and regasification units (FSRUs), pipe layers, special purpose vessels, as well as the modification of vessels into tankers and bulkers.
Additionally, the company plans to offer steel fabrication services for the industrial sector, such as the fabrication of steel structure for bridges, industrial plants, refineries, petrochemical plants, and so. Longer term, the ship repair facility is proposed to be upgraded into a shipbuilding yard. Significantly, the planned expansion of ODC's portfolio of services will inevitably open up a "world of opportunities" for investors at Duqm, the CEO said. Prospects are bright for firms specialising in the manufacture and supply of steel, fabrication of steel structures for offshore and onshore applications, fabrication and installation of package modules for industrial plants, and the manufacture of major marine equipment.
Equally attractive are opportunities for private firms looking to invest in workshops, material supplies, logistics, entertainment facilities, hotels, repairs of heavy industrial equipment, reconditioning of marine equipment and parts, lab facilities, and transportation and storage of materials and parts, Park added.
MUSCAT -- Oman Drydock Company (ODC) is targeting a near doubling of its annual revenues from $30.52 million in 2012 to around $56 million by the end of this year. This compares with earnings of $7.68 million in 2011 at the end of the first full year of operations. The upbeat outlook underscores a robust uptake of the state-owned ship repair yard's services as it prepares to widen its business portfolio to include ship conversion and offshore fabrications services for the first time.
According to ODC's new Chief Executive Officer, Yong Duk Park, the number of ships turning up for repairs at the Duqm facility has also been growing every year. From 47 vessels that came calling in 2011, the yard handled 72 ships last year. This year, the company aims to accommodate around 75 ships, which while almost similar in number to last year's tally, will generate higher earnings for the company. Of the 72 ships handled in 2011, South Korea-owned vessels were the biggest customers with 26 per cent of the total, followed by Belgium (14 per cent), Oman (9 per cent), and USA and Greece (7 per cent each).
'Special ships', which groups vessels that don't fall under broader ship categories, represented 66 per cent of the total.
Tankers and Very Large Crude Carriers accounted for a further 20 per cent, with containerships (11 per cent) and LNG carriers (3 per cent) making up the balance. While ship repairs and maintenance are at the core of ODC's service offerings at present, plans are afoot to enlarge this scope to cater for the conversion of ships into, for example, floating production storage and offloading units (FPSOs), floating storage and regasification units (FSRUs), pipe layers, special purpose vessels, as well as the modification of vessels into tankers and bulkers.
Additionally, the company plans to offer steel fabrication services for the industrial sector, such as the fabrication of steel structure for bridges, industrial plants, refineries, petrochemical plants, and so. Longer term, the ship repair facility is proposed to be upgraded into a shipbuilding yard. Significantly, the planned expansion of ODC's portfolio of services will inevitably open up a "world of opportunities" for investors at Duqm, the CEO said. Prospects are bright for firms specialising in the manufacture and supply of steel, fabrication of steel structures for offshore and onshore applications, fabrication and installation of package modules for industrial plants, and the manufacture of major marine equipment.
Equally attractive are opportunities for private firms looking to invest in workshops, material supplies, logistics, entertainment facilities, hotels, repairs of heavy industrial equipment, reconditioning of marine equipment and parts, lab facilities, and transportation and storage of materials and parts, Park added.
© Oman Daily Observer 2013
